The UAE is one of the few economies that have been relatively immune to the ongoing global economic meltdown. Despite predictions of a decline, land sales in Dubai are looking up, signaling an extremely positive outlook for the emirate’s real estate sector. Our analyses reveal that transactions worth a total of AED 20 billion were conducted during Jun-Aug this year, compared to AED 10.49 billion during the same period in 2007. Demand for residential and commercial properties is still high and will continue to grow as Dubai braces itself for increased developmental activity. With established markets like Tokyo, New York and London being affected by financial crises, international investors are gravitating towards emerging markets like Dubai that are delivering impressive capital gains. |
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Date |
Value of Sales (in AED) |
Value of Sales (in USD) |
21/09/2008 |
49,344,267 |
13,437,981 |
22/09/2008 |
476,051,453 |
129,643,642 |
23/09/2008 |
184,847,067 |
50,339,615 |
24/09/2008 |
664,763,618 |
181,035,844 |
25/09/2008 |
266,870,561* |
72,677,168* |
Total |
1,641,876,966 |
447,134,250 |
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(Source : Dubai Land Department *Figures apply to transactions registered with Dubai Land Department till 12.00 pm on Sep 25, 2008) |
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